Bonk is gaining traction today, as the price increased significantly in the past few days. This came after bouncing from a base support this week and is now poised for a break-up while forming a bullish pattern.
Many meme coins have found solid ground over the past few days as volume flows back into the crypto space. Bonk formed a base support at $0.0000089 this week after witnessing a dramatic decline.
Initiating a buy from this level, it increased notably since the start of the week and now trades at $0.000013. A new bullish pattern is formed with a double bottom, and as we can see on the daily chart, the price is strong and seems on the verge of breaking above the $0.0000156 level.
The level has been a tough resistance for the bulls in the past month. A significant flip through it could rally the price to a new monthly high as the trend shifts slightly to the upside from a short-term perspective.
While market sentiments appeared to have changed positively in the past few days, a short-term recovery can be expected before resuming selling at full speed. This may come with a sharp rejection after retesting the $0.00002 level. Sustaining recovery above this level could give the bulls full control of the market for a major move on the long-term scale.
BONK’s Key Level To Watch
Anticipating a break above the mentioned resistance, the $0.0000197 level is the next resistance to watch, followed by the $0.0000244 level.
Failure to break up could bring a retest at $0.0000114 before rising back. The $0.0000089 level currently acts as a key support level. A break below it could fuel a major decrease to $0.000008 as the new multi-month low.
Key Resistance Levels: $0.0000156, $0.0000197, $0.0000244
Key Support Levels: $0.0000114, $0.0000089, $0.000008
- Spot Price: $0.0000133
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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